ArcelorMittal Halts Ukraine's Biggest Steel Plant After Missile Barrage
Turns out operating a gigantic steel mill while ballistic missiles systematically hammer your blast furnaces isn't exactly a sustainable corporate strategy.
Four missile strikes over five weeks turned the legendary facility in Kryvyi Rih into a disaster zone. Five workers died, seventeen were wounded, and key workshops took catastrophic damage.
The steel giant poured more than $700 million into keeping the site operational throughout the full-scale invasion. But corporate endurance has its limits: ArcelorMittal announced it cannot safely or sustainably restart production and is swallowing roughly a billion dollars in asset write-downs. Plant CEO Mauro Longobardo is now negotiating with the government to mothball the remaining infrastructure until the war ends.
Keeping heavy metallurgy running under active ballistic bombardment was an impossible miracle while it lasted.
Source: ArcelorMittal
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